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2025-12-31-accounts

Company registration number: 03938363 Charity registration number: 1181492

G39 TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

G39 Contents

Page
Trustees' Report 1—10
Independent Examiner's Report 11
Statement of Financial Activities (including Income and Expenditure Account) 12
Comparative Statement of Financial Activities (including Income and Expenditure Account) 13
Balance Sheet 14
Notes to the Financial Statements 15—20
The following pages do not form part of the statutory accounts:
Detailed Statement of Financial Activities (including Income and Expenditure Account) 21—22

G39 Company No. 03938363 Trustees' Report For The Year Ended 31 December 2025

The trustees present their report and the financial statements for the year ended 31 December 2025.

Objectives and Activities

Aims and Objectives

The Objects of the Charity are to advance and promote contemporary visual arts for the benefit of the public, in particular, but not exclusively, by providing exhibition space for Welsh and other contemporary visual artists, and by providing training and other similar resources to artists and to the public. Access to our exhibitions, opportunities, events and resources are free of charge as part of our commitment to removing barriers to engagement for people from lower socio-economic backgrounds as set out in our Strategic Equality Action Plan (SEAP).

g39’s work is a crucial contributor to the arts ecology in Wales. We are:

Developers of talent across Wales

A public platform for visual art from Wales

We carry out those objectives via the following core activities:

Those core activities have evolved in recognition of the need for:

Significant Activities

The trustees acknowledge their responsibilities for complying with the requirements of guidance issued by the Charity Commission on public benefit.

In 2025 we presented 3 exhibition seasons with associated and complementary public programmes and programmes of artist development.

Our public programme involved 2119 participants and our development programmes benefitted a further 264 people.

Our programmes were supported financially primarily through Arts Council of Wales (ACW) Multi Year Funding of £140,085, which included an uplift of 3.5% on the 2024 figure, which was applicable from April 2025. Earned income through our car park, hires, bar sales and donations contributed a further £12,392, while Museum and Galleries Tax Relief brought in £19,699 for 2025.

We received a total of £10,345 from ‘Other Grant’ sources during 2025 mainly made up of small final payment sums for projects completed in 2024. Income from grants and trusts declined in 2025 due to a number of factors including increased competition, decreased funds available and a change in focus for certain funders. We are considering alternative income models to support our financial security and stability in the years ahead.

In 2025 we prepared a comprehensive proposal to install solar panels to replace current inefficient forms of heating and lighting the building. We did not secure financial support for this project in 2025, however, the proposal remains highly relevant to our values and aims and will form the basis of future bids.

Through review and analysis, we continued the work of recent years in reorganising staff structures with attention to wellbeing, professional and personal development and sustainable succession planning. As part of this, in 2025 we made the previously piloted Lead Technician role a permanent position.

We have so far confirmed partnerships to present 4 exhibitions and 1 residency for our 2026 programme and we are currently in early development stages with partners for 2 exhibitions in 2027.

Page 1

G39 Trustees' Report (continued) For The Year Ended 31 December 2025

Public Benefit

The main activities undertaken to further the charity’s purpose for the public benefit are outlined throughout the report.

The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.

Achievements and Performance

Main Achievements

Quarter Public Programme
/ Activity		 Dates:
2025		 Artists /
Contributors		 No. of
Visitors /
Participants		 Impact for Beneficiaries / Society
Q1 Working Party:
Library.The new g39
ethical Volunteer
Programme pilot
project.		 5 Feb -
7 Mar		 Coordinated by
Morgan Dowdall,
g39 Intern.
19 Volunteers.
5 visiting artists
contributed
across 3
workshops.		 17
volunteers		 During its 10 sessions, this project provided
the public with new opportunities for
volunteering and self-directed creative
research. This was a cross generational project
with participants of different ages from
younger students to retirees taking part
together. The project was accessible to those
with no arts background as well as those with
experience in the arts. The project helped g39
reestablish a digital catalogue of the Library
publications after a significant loss. This has
meant that the catalogue can be made
browsable online for the public providing wider
access to information about this specialist
collection. Participants had the opportunity to
attend 3 guest-led workshops, which helped
them think about the focus of their research
and provided a practical, hands-on approach.
Participants were never out of pocket, travel
costs were reimbursed and lunch and
refreshments were provided throughout. Social
connections were formed and bonds were
made through the project with participants
sharing contact details to keep in touch post
project. The project introduced new people to
g39’s work and its Library. They are now
returning visitors, and we've encountered
them in various parts of the arts scene in
Cardiff.
Q1 Working Party:
Party.Social		 7 Mar Hosted by g39 17 Helped consolidate the connections made
during the project. Celebrated the
contributions and outcomes of the
participants.
Q1 Studies in…A series
of artist development
workshops exploring
artists’ studio
practices, generative
processes, and ways
of working.		 16
Feb- 2
May		 Delphi Campbell,
Rebecca Jagoe,
Anushiye Yarnell,
Simon Matthew		 41 across 4
sessions		 Members of the public were given an
opportunity to join a group workshop and gain
insight and explore creative practice with the
guidance of an experienced practitioner in a
safe and supportive environment. This
promoted creativity, social connection and
confidence in participants.

...CONTINUED

Page 2

G39 Trustees' Report (continued) For The Year Ended 31 December 2025

Q1 It's the Engels of
the world as we
know it and we feel
fine.Artist & Radical
Book Fair. Stalls,
workshops, talks and
discussions, featuring
radical publishers,
booksellers, artists,
campaign groups and
activists.		 29 Mar 29 contributors
took part
including:
Climate Cooks;
Printed Matter(s)
- CSAD: Fine Art;
Daughter of
Carmilla;
Resistance
books;
Rubicand Space;
Shelf Life;
Dyddiau Du		 211 book fair
attendees
27 workshop
participants
across 3
sessions		 Supporting socially and politically aware
creative thinking and practice in society.
Opportunities for attendees to take part in
workshops that encouraged creative action.
Supporting independent publishing and artist-
led activity. The event was an opportunity for
artists, writers and publishers to raise funds
for their projects. This well attended event that
brought together several contributors was a
chance for social interaction and discovery of
new ideas and artistic practices.
Q1 I Am A Man At
Work. Publication
launch.Following a
g39 library residency
in 2023, Joshua Jones
compiled a zine, I Am
A Man At Work, which
considers masculinity
within art practice,
'work ethic', and what
it means to be a male
artist.		 20 Mar Joshua Jones 5 Supporting creative practice. A chance for
attendees to hear about and consider
contemporary societal ideas around gender
and class.
Q2 Fanatic.Exhibition of
artists responding to
the prompt ‘What is
your Specialist
Subject?’		 19 Apr
- 14
Jun		 Farah Allibhai,
Emii Alrai, Alice
Banfield, Abi
Birkinshaw,
Mohamed
Hassan, Dead
Paisley, Tina
Rogers, Luke
Roberts and
Roxy Topia &
Paddy Gould		 539 Bringing a unique combination of the personal
stories of the creative thinking and action of
artists to the public in a carefully curated and
accessible way.
Q2 Creative Reflective
Practice
sessions.g39 hosted
a series of facilitated
sessions for artists
which aimed to:
-create an
environment in which
to reflect on work and
practice
think about wellbeing
in relation to our work
and practice
-be curious and
thoughtful rather than
giving advice or
solutions
-share strategies and
exercises in
supporting personal
and creative growth		 22 May
- 31 Jul		 Celeste Burr
Herrera and Tom
Bevan		 10 Free of charge sessions for creative
practitioners facilitated:
- Developing support systems to reduce
professional isolation
-Improving personal and professional
resilience
-Increasing appreciation and enjoyment of the
work through taking stock
-Strengthening ethical practice and integrity -
how to practice in line with one’s values
...CONTINUED

Page 3

G39 Trustees' Report (continued) For The Year Ended 31 December 2025

Q2 Which App?
Resource.A
downloadable artists’
resource looking at
ways of designing,
creating and making
digitally without the
price tag.		 6 Jun Nic Finch Not currently
known		 A publicly available download, created to
support and provide guidance for people who
wish to create digital artworks and designs
who cannot afford expensive software or
digital subscriptions. The aim is to promote
accessible, free and open source digital design
and creative tools more widely to support
creative practice for those with low income.
Q2 MOSH.A six-week
residency and live art
performance
programme.		 25 Jun
- 15
Aug		 Beth Greenhalgh,
Tess Woof, Tim
Martin-Jones,
Vivian Ross-
Smith, Tessa
Waite, Abi
Hubbard,
Penny Hallis, Rob
Oros, Iona Lewis,
Lewis Prosser,
Pete Evans		 81 Supporting practitioners with space and
resources to develop new creative projects.
Providing an accessible platform for artists to
share the outcomes of their research with the
general public. An opportunity for the public to
experience new work at an early stage of
development.
Q3 PAM Open.An open
exhibition for and by
the community. There
is no submission fee
and no restrictions on
age, ability or
experience. All works
that fit the criteria are
shown.		 10 Jul -
9 Aug		 More than 80
artists were
included in the
show.		 344 A chance for anyone in the community
regardless of age or level of experience to take
part in a gallery exhibition and share their
creativity. This free to enter show is a truly
open call to the local community.
Q4 Rebuild the
Poets.An exhibition
and programme of
activities, re-
performances, re-
introductions and
replicas of artists’
work spanning several
generations.		 4 Oct -
13 Dec		 Sam Aldridge,
Sean Edwards,
Tamara
Krikorian, Heledd
C Evans, Adéọlá
Dewis, Wendy
Short, Athena
Jones
Katrina Blannin,
Jeffery Steele,
Jon Pountney		 702 The show centred on bringing significant works
of the past 50 years to a public who hadn’t
had a chance to see them before or to
experience them again in a new context.
Q4 The Film London
Jarman Award
2025.A day-long free
screening of films by
the shortlisted artists.		 25 Oct Arwa Aburawa +
Turab Shah,
Karimah Ashadu,
Onyeka Igwe,
Morgan
Quaintance,
George Finlay
Ramsay, Hope
Strickland		 31 Continuing g39’s commitment to moving-
image dialogue through the g39 Sinema
programme, our long standing partnership
with Film London has meant that we have
been able to bring these films and filmmakers
to Welsh audiences. We’ve previously hosted
public talks with shortlisted artists including
Michelle Williams Gamaker, Grace Ndiritu,
Larry Achiampong, Andrew Black and Adham
Faramawy - as well as working on projects to
take the work of Welsh moving image artists
to new audiences elsewhere.
...CONTINUED

Page 4

G39 Trustees' Report (continued) For The Year Ended 31 December 2025

Q4 Onyeka Igwe, Artist Talk.A
daytime talk as part of the
Jarman Awards public
programme.		 25
Oct		 Onyeka
Igwe		 17
Providing the visiting public with insight into the working practice
and processes of a contemporary artist working in moving image.
Q4 Neighbourhood
Crowd.Social		 25
Oct		 Hosted
by g39		 53




 Widening access for people to experience contemporary visual arts.
This is an alternative to an opening or launch event, a daytime,
sober, social space to come together. This is also an opportunity for
members of the public to meet the g39 team and exchange
feedback and knowledge in a non-pressured environment.
Q4 Fragments of Us.Screening
and spoken word event.		 30
Oct		 Dr
Rachel
Carney		 21




 Commissioned by SHAPE Arts, a disability-led arts charity, this
event provided an opportunity for the wider public to gain insight
into the artist’s research into the creativity of museum visitors who
responded to an interactive poetry project at the National Museum
Cardiff.
Type
of
resources &
training
provision		 Name / Title Number
of
Sessions		 Participant
numbers		 Aims and Benefits
Artist Training
& Mentoring		 One-One mentoring
sessions		 48 56 A chance for artists, who often work alone, to
discuss work with a member of g39 staff, find
solutions, gain feedback and / or observations from
a peer working in a similar field. Sessions are
intended to support in building confidence, finding
opportunities and overcoming issues with an aim of
making creative practice more viable.
Adhoc Advice &
Use of
Resources		 Use of Library resource,
use of computer
workstations and digital
software, lending of tools
and technical equipment,
sharing of knowledge
and skills.		 51 14 To support the viability of creative practice in the
local community. Providing free of charge use of
computer workstations, digital equipment and
software that would otherwise be financially
inaccessible to users. Supporting the creation of
creative digital imagery and artist film. Free of
charge sharing of tools and technical equipment for
the production and presentation of creative works
and events. Free of charge sharing of specialist
skills.
Sector Related
Activity		 Attending conferences,
symposia and sector
related meetings		 25 89 Building awareness and networks that support our
work. Providing a foundation for development and
experience that we can share with beneficiaries and
that helps us to support the communities we work
with.
Staff Training &
CPD		 Welsh language lessons,
in-house workshops,
research trips.		 98 105 Enhancing skills, knowledge and confidence to help
us to support the people we work with to our best
ability.

Future Plans and Sustainability

Future Plans:

Creative Programme

g39 has confirmed a creative programme of exhibitions and events with partners and contributing artists for 2026 . These include:

“Heaven in the Ground” exhibition. Artists: Radha Patel & Umulkhayr Mohamed. Launch: 27/03/26. Open: 28/02/2623/05/26

...CONTINUED

Page 5

G39 Trustees' Report (continued) For The Year Ended 31 December 2025

Future Plans and Sustainability - continued

Disability Arts Cymru touring group exhibition. (Artists tba) Launch: 01/08/26 (Saturday daytime soft launch plus evening celebration). Open: 05/08/26 - 26/09/26

Freelands Foundation x Cardiff School of Art & Design exhibition. Artist: Kelsey Cruz Martin. Launch: 27/03/26. Open: 28/03/26 - 25/04/26

Cardiff School of Art & Design 2nd Year Fine Art Exhibition. Launch: 01/05/26. Open: 02/05/26

CARN’s MUDO programme: Artist Development Partnership & Residency. g39 hosting an artist in residence in June 2026.

Neighbourhood Crowd. Informal social event: an alternative to a launch event, a social space to come together and share food instead of drinks, a space to meet up with friends and enjoy art together.

We are currently in the developmental stages of projects which will take place during 2027 . These include:

“Ooblek”, an exhibition of new sculptural commissions by established and mid-career Welsh artists.

The Communist Party South Wales Archive Project, an exhibition of artist responses to this archive.

Sustainability:

In 2025 we continued with progress we’d made in previous years with the restructuring of staff roles, especially with how it impacted the Creative Director role and its supporting roles. Holistic job reviews were carried out with the CEO and Creative Director, which took in the practicalities of the roles as well as giving careful consideration to wellbeing, professional and personal development and succession planning. In depth analysis of how these two roles interacted with each other and the Finance and Operations Manager role provided an understanding of how these jobs can best support each other and the organisation in the coming years. During this year we undertook a full review of our Strategic Equalities Action Plan (SEAP), which sets out our commitment to fair, inclusive and sustainable working practices and our plans to deliver on those commitments.

A pilot Lead Technician position was created in 2024 to make the Creative Director role more viable and sustainable. In 2025, following review among the CEO, Creative Director and Finance and Operations Manager and in consultation with the Board of Trustees, it was clear that losing the Lead Technician role would be a regressive step that would mean a reversion to unsustainable working at director level, therefore it was decided to make the Lead Technician role permanent.

Despite the submission of 10 applications to a range of funds, there was a decline in income from grants and trusts in 2025. While we will continue to make applications to these highly competitive funds, we are discussing opportunities to use our existing resources, especially our large building, towards income generation, such as creating rentable artist studio spaces, building leasable storage units and subletting office space. This requires careful strategic planning and decision making taking into account the direction of the organisation and our current multi-year agreement with Arts Council of Wales and its associated targets and commitments; how the changes would affect our creative programme; the source and level of capital outlay required versus the projected income; the function of various business models, how they are managed and the impact on the job roles of our small part-time team, alongside other considerations. In 2025 we began researching where we could find support in this aspect of business development and we have had discussions with Arts Council of Wales officers regarding their resources in this area. We will continue to pursue routes to financial security and stability.

Having negotiated permission from our landlord, in 2025 we prepared a comprehensive proposal to install solar panels to replace current inefficient forms of heating and lighting the building, which would be cost neutral within seven years, releasing cashflow into the programme. Generating and controlling its own clean energy would also make the organisation less vulnerable to volatile energy prices and fossil fuel dependency and significantly lower its carbon footprint. To date we have approached the Ynni Cymru Capital Grant scheme, Cardiff Council Community Building Grants and ACW Capital Funding with the proposal but have so far not secured financial support. The proposal remains highly relevant to our values and aims and will form the basis of future bids.

Our Environmental Policy was reviewed as part of a full review of policies during 2025. It sets out the g39’s commitment to assessing and responsibly managing its environmental impact by measuring and controlling any environmental impact of the creative programme and the operations of the organisation.

Financial Review

Page 6

G39 Trustees' Report (continued) For The Year Ended 31 December 2025

Financial Position

g39’s financial position

g39’s total income in the last financial year (Jan-Dec 2025) was £182,521 and our total expenditure was £205,493.

Amount of reserves held

On 31 Dec 2025 our reserves position was £121,698 (£292 restricted and £121,406 unrestricted).

g39’s principal sources of funds:

Fund Name Source Amount
Received		 Notes re funds
Core Funds Arts Council Wales
(ACW) Revenue
Funding		 £140,085 This included an uplift of 3.5% on the 2024 figure, which was
applicable from April 2025.
Other Grants ACW Create Grant £3,645 Final 10% payment for our 2024-25 Create project budget
ArtFund £4,500 Final 10% of our ArtFund Re:Imagine project, which ran from 2022 -
2024. Our final report was submitted in December 2024.
ACW Grant £2,200 Final 10% of our Art Cardiff Map & Website project grant.
Earned
Income &
Trading		 Car Parking £8,355 This is a 17% increase in car parking income compared with 2024.
Hires £2,222 For space and tech equipment hire. We had not budgeted for this
income in 2025.
Museum & Gallery
Tax Relief		 £19,699 This tax relief scheme has been confirmed to continue indefinitely
subject to the outcome of the next general election. Our MGTR Income
for 2025 is based on 45% to April 2025 and 40% in the subsequent
months.
Donations Online and in
person		 £781 This is a slight decrease on the 2024 figure.

There has been a significant decrease in Other Grant income in 2025 compared to 2024. This is due to a combination of factors including increasingly competitive opportunities, decreased funds and changes in the focus of trusts and other grant making organisations.

Reserves Policy

This policy deals with g39’s financial resilience via the practice of setting aside agreed levels of unrestricted income.

Defining Reserves:

Working Capital Reserves: level of working capital reserves required is determined by the amount required to cover all fiscal obligations and commitments in the event of ceasing trading.

Free Reserves: “The ability to trade through a period of revenues or funding lower than plan or costs higher than plan; and the ability to invest in future offerings and research and development to innovate”.

Intent:

Directives:

...CONTINUED

Page 7

G39 Trustees' Report (continued) For The Year Ended 31 December 2025

Reserves Policy - continued

Use of Working Capital Reserves will be undertaken with prior agreement of Trustees - or where a short term shortfall is forecast between planned expenditure and expected income.

Fundraising

Our fundraising strategy includes building relationships with and applying to a range to trusts, foundations and public funding sources including Arts Council Wales. We are agile and responsive to other funding opportunities that align with our Ethical Fundraising Policy and values. To further increase our resilience in a competitive landscape, we also plan to diversify our income streams through hires and other business opportunities. Our current forecast already indicates an increase in hires income in 2026.

Structure, Governance and Management

Governing Document

g39 is constituted as a company limited by guarantee. On 1st May 2018, we changed our legal name to g39, and became a registered charity in January 2019. The current Articles of Association were adopted in March 2018 and comply with the Companies Act 2006.

Trustee Selection Methods

Trustees are sought through open calls and in the past we have also used a pairing scheme, Arts & Business Cymru’s Board Bank. New trustees are voted on by existing trustees following an informal group meet and greet.

Trustee Update

In 2025, one of our trustees took maternity leave until June 2026. Another stepped down after serving their three year term. And one trustee stepped down due to other commitments. Following this, we carried out a skills audit of staff and board then began the process of recruitment of new board members via open call. Potential candidates were offered the opportunity to visit g39 and to have chats with staff and / or current board members. The deadline for applications was set for January 2026 and we will invite selected candidates to observe our March 2026 Board Meeting. We intend to recruit up to three new trustees through this process.

Reference and Administrative Details

Trustees

Ms Joanna Corbett-Simmons - Co-Chair Ms Claire Feeley - Co-Chair Mr Hoodi Ansari Ms Melanie Brimfield Miss Katie Haines Ms Grace Todd Ms Cinzia Mutigli - Chief Executive Officer Mr Anthony Shapland - Creative Director Ms Monique Jivram - Maternity Leave

Page 8

G39 Trustees' Report (continued) For The Year Ended 31 December 2025

Ms Rebecca Betton (resigned 25/03/2025) Ms Wendy Hobbs (resigned 07/05/2025)

Charity Number

1181492

Company Number

03938363

Principal Address

Oxford Street Cardiff CF24 3DT

Registered Office

G39 Oxford Street Cardiff South Glamorgan CF24 3DT

Independent Examiner

Tina Jenkins Chartered Management Accountants Chartered Management Accountants A D V Accountancy The Court House Llwynpia Road Tonypandy CF40 2HZ

Page 9

G39 Trustees' Report (continued) For The Year Ended 31 December 2025

Other Information

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threat

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Ms Cinzia Mutigli Trustee 26/03/2026

Page 10

G39 Independent Examiner's Report to the Trustees of G39 For The Year Ended 31 December 2025

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.

Responsibilities and Basis of Report

As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Tina Jenkins Chartered Management Accountants

05/05/2026 A D V Accountancy The Court House Llwynpia Road Tonypandy CF40 2HZ

Page 11

G39 Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities:
Advancing contemporary visual arts for the benefit of the
public
Other trading activities
4
Other
5
EXPENDITURE ON:
Raising funds
7
Charitable activities:
7
Advancing contemporary visual arts for the benefit of the
public
NET EXPENDITURE
Transfers between funds
16
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
16		 Unrestricted
funds
£
781
140,085
11,610
19,699		 Restricted
funds
£
-
10,345
-
-		 2025
Total
funds
£
781
150,430
11,610
19,699		 2024
Total
funds
£
808
163,996
13,358
23,637
172,175 10,345 182,520 201,799
(192,156)
5,524		 -
(18,990)		 (192,156)
(13,466)		 (234,190)
-
(186,632) (18,990) (205,622) (234,190)
(14,457)
(2,067)		 (8,645)
2,067		 (23,102)
-		 (32,391)
-
(16,524)
137,930		 (6,578)
6,870		 (23,102)
144,800		 (32,391)
177,191
121,406 292 121,698 144,800

The notes on pages 15 to 20 form part of these financial statements.

Page 12

G39 Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities:
Advancing contemporary visual arts for the benefit of the public
Other trading activities
4
Other
5
EXPENDITURE ON:
Raising funds
7
Charitable activities:
7
NET EXPENDITURE
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
16		 Unrestricted
funds
£
808
163,996
13,358
23,637		 Restricted
funds
£
-
-
-
-		 2024
Total
funds
£
808
163,996
13,358
23,637
201,799 - 201,799
(234,190) - (234,190)
(32,391) - (32,391)
(32,391)
170,321		 -
6,870		 (32,391)
177,191
137,930 6,870 144,800

The notes on pages 15 to 20 form part of these financial statements.

Page 13

G39 Balance Sheet As At 31 December 2025

Notes
FIXED ASSETS
Tangible Assets
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
Creditors: Amounts Falling Due Within One Year
14
NET CURRENT ASSETS (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS OF THE CHARITY
Restricted Funds
Unrestricted Funds
TOTAL FUNDS
16		 Unrestricted
funds
£
1,626		 Restricted
funds
£
-		 2025
Total
funds
£
1,626		 2024
Total
funds
£
683
1,626
20,549
91,634		 -
-
-		 1,626
20,549
91,634		 683
26,940
108,948
112,183
7,889		 -
-		 112,183
7,889		 135,888
8,229
120,072 - 120,072 144,117
121,698 - 121,698 144,800
121,698 - 121,698 144,800
292
121,406		 6,870
137,930
121,698 144,800

For the year ending 31 December 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Ms Cinzia Mutigli Trustee 26/03/2026

The notes on pages 15 to 20 form part of these financial statements.

Page 14

G39 Notes to the Financial Statements For The Year Ended 31 December 2025

1. General Information

G39 is a company limited by guarantee, incorporated in England & Wales, registered number 03938363 and registered charity number 1181492. The registered office is G39 Oxford Street, Cardiff, South Glamorgan, CF24 3DT.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The charitable company is a Public Benefit Entity as defined by FRS 102.

2.2. Incoming Resources

2.3. Resources Expended

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold 20% Straight Line Plant & Machinery 20% Straight Line Computer Equipment 20% Straight Line

Page 15

G39 Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3. Income from Donations and Legacies

3.
Income from Donations and Legacies
Donations and gifts
4.
Income from Other Trading Activities
Income from other trading activities
5.
Other Income
Other income type A
6.
Net Income/(Expenditure)
The net expenditure is stated after charging/(crediting):
Depreciation of tangible fixed assets - owned
7.
Analysis of Expenditure
Raising funds
Advancing contemporary visual arts for the benefit of the public		 Activities
undertaken
directly
£
1,577
12,686		 2025
Unrestricted
funds
£
781		 2024
Unrestricted
funds
£
808
2025
Unrestricted
funds
£
11,610		 2024
Unrestricted
funds
£
13,358
2025
Unrestricted
funds
£
19,699		 2024
Unrestricted
funds
£
23,637
2025
£
1,027		 2024
£
957
Support
costs
(see note 8)
£
190,579
780		 2025
Total
£
192,156
13,466
14,263 191,359 205,622

Page 16

G39 Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

Raising funds
8.
Support Costs
Employee costs
Premises expenses
General administration
Depreciation
Governance costs
Employee costs
Premises expenses
General administration
Depreciation		 Activities
undertaken
directly
£
40,588		 Support
costs
(see note 8)
£
193,602		 2024
Total
£
234,190
Raising
funds
£
105,193
56,569
27,790
1,027
-		 2025
Total
£
105,193
56,569
27,790
1,027
780
190,579 780 191,359
2024
Raising
funds
£
107,292
48,944
36,409
957
193,602

9. Independent Examiner's Remuneration

Accounts and Tax computations are prepared by Full Stop Accounts Limited and independently examined by ADV Accountancy.

2025 2024
£ £
Independent examination of the financial statements 780 720

Page 17

G39 Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

10. Staff Costs

Staff costs were as follows:

Wages and salaries
Social security costs
Other pension costs		 2025
£
101,490
478
1,869
103,837		 2024
£
92,634
-
1,553
94,187

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

11. Average Number of Employees

Average number of employees during the year was: 6 (2024: 6)

12. Tangible Assets

Land & Property

Cost
As at 1 January 2025
Additions
As at 31 December 2025
Depreciation
As at 1 January 2025
Provided during the period
As at 31 December 2025
Net Book Value
As at 31 December 2025
As at 1 January 2025
3.
Debtors
Due within one year
Trade debtors
Other debtors		 Leasehold
£
13,612
474		 Plant &
Machinery
£
89,326
-		 Plant &
Machinery
£
89,326
-		 Computer
Equipment
£
9,334
1,495		 Total
£
112,272
1,969
14,086 89,326 10,829 114,241
13,105
435		 89,150
176		 9,334
415		 111,589
1,026
13,540 89,326 9,749 112,615
546 - 1,080 1,626
507 176 - 683
2025
£
40
20,509
20,549		 2024
£
75
26,865
26,940

13. Debtors

Page 18

G39 Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

14. Creditors: Amounts Falling Due Within One Year

4.
Creditors: Amounts Falling Due Within One Year
Trade creditors
Other creditors
Taxation and social security
Accruals and deferred income		 2025
£
(10,789)
368
1,752
780
(7,889)		 2024
£
(10,696)
349
1,398
720
(8,229)

15. Pension Commitments

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

During the year the charge to the statement of financial activities in respect of defined contribution schemes was £1,869 (2024: £1,553).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

16. Movement in Funds

Unrestricted funds
General:
General unrestricted fund
Restricted funds
ArtMap
Art Fund
Cultural Recovery 2
Freelands
Lottery
Total restricted funds
Total funds
Unrestricted funds
General:
General unrestricted fund		 As at 1
January
2025
£
137,930
8,594
(3,073)
715
(2,067)
2,701		 Income
£
172,175
2,200
4,500
-
-
3,645		 Expenditure
£
(186,632)
(10,502)
(1,427)
(715)
-
(6,346)		 Transfers
£
(2,067)
-
-
-
2,067
-		 As at 31
December
2025
£
121,406
292
-
-
-
-
6,870 10,345 (18,990) 2,067 292
144,800 182,520 (205,622) - 121,698
As at 1
January
2024
£
120,321		 Income
£
201,799		 Expenditure
£
(234,190)		 As at 31
December
2024
£
87,930
...CONTINUED

Page 19

G39 Notes to the Financial Statements (continued) For The Year Ended 31 December 2025

Designated:
Working Capital
Total unrestricted funds
Restricted funds
ArtMap
Art Fund
Cultural Recovery 2
Freelands
Lottery
Total restricted funds
Total funds		 50,000 - - 50,000
170,321 201,799 (234,190) 137,930
8,593
(3,073)
715
(2,066)
2,701		 -
-
-
-
-		 -
-
-
-
-		 8,593
(3,073)
715
(2,066)
2,701
6,870 - - 6,870
177,191 201,799 (234,190) 144,800

17. Transactions with Trustees

During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows:

2025 2024
£ £

18. Related Party Disclosures

Two trustees received remuneration and benefits during the year totalling £22,129.17 each (including employers' National Insurance and pension contributions) (2024: £20,983.20 each) for services provided to the charity other than in their role as trustees. No other trustees received any remuneration or expenses.

19. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

Page 20

G39 Detailed Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2025

INCOME AND ENDOWMENTS FROM:
Donations and legacies
Donations and gifts
Charitable Activities:
Advancing contemporary visual arts for the benefit of the public
Grants
Other trading activities
Income from other trading activities
Other
Other income type A
EXPENDITURE ON:
Raising funds
Purchases
Purchases Type A
Computer software, IT consumables and maintenance
Printing, postage and stationery
Wages and salaries
Employers NI
Employers pensions - defined contributions scheme
Staff training
Travel and subsistence expenses
Rent
Rates
Light and heat
Repairs and maintenance
Computer software, consumables and maintenance
Insurance
Printing, postage and stationery
Postage
Advertising and marketing costs
Telecommunications and data costs
Accountancy fees
Professional fees
Consultancy fees
Subscriptions
Bank charges		 2025
Total
funds
£
781		 2024
Total
funds
£
808
808
163,996
163,996
13,358
13,358
23,637
23,637
201,799
(25,296)
(9,502)
(4,290)
(1,500)
(92,634)
-
(1,553)
(5,011)
(8,094)
(42,774)
(3,186)
(2,747)
(237)
(457)
(4,305)
(721)
(88)
(5,185)
(1,099)
(8,387)
(3,395)
(1,591)
(2,603)
(42)
...CONTINUED
781
150,430
150,430
11,610
11,610
19,699
19,699
182,520
-
-
(1,577)
-
(101,490)
(478)
(1,869)
(139)
(1,217)
(48,000)
(3,157)
(5,019)
(393)
(503)
(4,451)
(822)
-
(5,593)
(760)
(7,241)
(1,297)
(150)
(759)
(53)

Page 21

G39 Detailed Statement of Financial Activities (including Income and Expenditure Account) (continued) For The Year Ended 31 December 2025

Entertaining
Sundry expenses
Depreciation
Charitable Activities:
Advancing contemporary visual arts for the benefit of the public
Purchases
Purchases Type A
Independent examiner's fees
NET EXPENDITURE		 (2,408)
(3,753)
(1,027)		 (4,734)
(3,802)
(957)
(192,156)
(11,780)
(906)
(780)		 (234,190)
-
-
-
(13,466) -
(205,622) (234,190)
(23,102) (32,391)

Page 22